Spring Grove, Illinois Property Taxes
The median property tax rate in Spring Grove, IL is 2.59%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Spring Grove at $160,986, the typical annual property tax bill reaches $3,893, exceeding the national median of $2,690. Property taxes in Spring Grove are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spring Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Spring Grove or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spring Grove, Illinois Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
2.35%
Estimate Property Tax Bill
$4,700
Ownwell’s Spring Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spring Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spring Grove to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Spring Grove, Illinois
Property taxes in Spring Grove, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Spring Grove is 2.59%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Spring Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spring Grove estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Spring Grove's effective property tax rate to other counties in Illinois and the national median. For comparison, the 60081 zip code has the highest median property tax rate of 2.59%, while the same zip code also has the lowest median tax rate of 2.59%. Understanding how these cities compare with Spring Grove provides valuable insights into the varying tax landscape across Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spring Grove Tax Rate
2.59%
Average Lake County Tax Rate
2.94%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spring Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60081 | 2.03% | 2.36% | 2.59% | 2.76% | 2.76% |
Source: Ownwell
Property Tax Assessment Values Across Spring Grove, Illinois
In Spring Grove, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Lake County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Spring Grove, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Spring Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 60081, with a value of $3,893. The lowest median tax bill is also in the 60081 zip code, with the same value of $3,893.
Property Tax Assessment Values Across Spring Grove, Illinois
Source: Ownwell
$40,742
$758,842
$1,476,942
Average Spring Grove Assessed Value
$160,986
Average Lake County Assessed Value
$260,862
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spring Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60081 | $54,739 | $107,414 | $160,986 | $218,064 | $295,736 |
Source: Ownwell
Property Tax Bills Across Spring Grove, Illinois
In Spring Grove, located in Lake County, IL, property tax bills are calculated based on the assessed value of the home, which is determined by the local assessor's office. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $160,986, the assessed value would be a fraction of this amount, depending on local assessment ratios. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Spring Grove, the property tax rate can lead to significant variations in tax bills. Homeowners in the 25th percentile might see tax bills around $2,399, while those in the 75th percentile could face bills as high as $5,503. The 90th percentile tax bill can reach up to $7,768. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting homeowners by contributing to the quality of local amenities and overall property values. Compared to the national median property tax rate of 0.99%, Spring Grove residents may experience higher or lower tax obligations based on their property's assessed value and local tax rates.
Average Spring Grove Tax Bill
$3,893
Average Lake County Tax Bill
$7,861
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Spring Grove, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60081 | $1,067 | $2,399 | $3,893 | $5,503 | $7,768 |
Source: Ownwell